Deutsche Bank has reported a net income of €466m for the second quarter of 2017, up from €20m in the year ago quarter.

For the quarter ended 30 June 2017, the group’s quarterly pre-tax income was €822m as against €408m in the second quarter of 2016. Net revenues fell 10% to €6.6bn from €7.3bn a year ago.

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Noninterest expenses were €5.7bn, a decrease of 15% from €6.7bn in the last year.

Provision for credit losses stood at €79m, as against €259m in the last year.

As at 30 June 2017, the banking group’s common equity tier 1 (CET1) capital ratio stood at 14.1%, versus 10.8 % as at 30 June 2016.

Deutsche Bank CEO John Cryan said: “Our second-quarter results give a good summary of where we stand today. Profitability is significantly better than a year ago. We made good progress in bringing costs down and continued to attract net money inflows from clients.”

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“Despite the significant improvement, this level of profitability falls short of our longer term aspirations. Revenues were not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets. As we modernise our bank we are turning our focus onto building profitable growth.”